PETALING JAYA: Regional indices fell sharply yesterday on fears of a US recession, as the markets were not assuaged by the US$145bil economic stimulus package unveiled by President George W. Bush on Friday.
The US market was closed yesterday for a holiday. A Federal Reserve meeting is due for next week when a cut in the federal funds rate of up to 50 basis points is expected amid disappointing news from the Philadelphia Federal Reserve's manufacturing index and billion-dollar writedowns at Wall Street banks for their fourth quarter.